Here at Woods & Mazzulla Properties Inc., we like to make sure that we are providing you the most recent information to ensure success with your real estate investing

Check out new mortgage changes as they may affect you.

CMHC Self-Employed

Effective May 1^st, 2014, the “CMHC Self-Employed” mortgage insurance premiums are:

(Self-Employed Borrowers without Third Party Validation of Income)

               Loan-to-Value Ratio                                     Total Loan Amount

           Up to and including 65%                                                  0.90%

           Up to and including 75%                                                  1.15%

           Up to and including 80%                                                  1.90%

           Up to and including 85%                                                  3.35%*

           Up to and including 90%                                                  5.45%*

Note:     Premiums shown with “*” do not apply for Refinance transactions.

CMHC Income Property

Effective May 1^st, 2014, the “CMHC Income Property” mortgage insurance premiums are:

(Rental Loans; 1 – 4 units)

               Loan-to-Value Ratio                                     Total Loan Amount

           Up to and including 65%                                                  1.45%

           Up to and including 75%                                                  2.00%

           Up to and including 80%                                                  2.90%

Note:     Premiums shown with “*” do not apply for Refinance transactions.

(both Genworth and Canada Guaranty have adopted the same premiums)

Data was provided by Amanda Vollmer of THE MORTGAGE GROUP ONTARIO INC.

To avoid paying costly premiums or to gain real estate knowledge, refer back to Canada’s Real Estate Authority. Do you think these premiums are too high? Please comment below: